Manulife | Comvest Credit Partners closes record $5.4bn private credit fundraise

Manulife | Comvest Credit Partners has completed the largest fundraising in its history, securing $5.4bn of investable capital for its latest North American direct lending strategy and related investment vehicles.

The capital was raised for Comvest Credit Partners VII (CCP VII), the newest vintage of the firm’s flagship middle-market private credit strategy, alongside associated transaction vehicles. The fundraise reflects continued institutional demand for direct lending despite a more competitive fundraising environment across private markets.

CCP VII will focus on lending to both sponsor-backed and non-sponsored middle-market companies, investing across traditional cash flow loans and asset-based financing. The strategy is designed to allocate capital flexibly across different lending opportunities as market conditions evolve.

Robert O’Sullivan, Global Head of Manulife | Comvest Credit Partners, said the platform continues to focus on complex and differentiated lending opportunities rather than competing in the broadly syndicated loan market, where pricing pressure is typically more intense. He added that the firm’s emphasis on bespoke structuring and relationship-driven origination is intended to generate attractive risk-adjusted returns.

The manager said CCP VII is already substantially deployed, reflecting a strong pipeline of investment opportunities and the platform’s ability to source and execute transactions while maintaining underwriting discipline.

The fund attracted commitments from both existing and new institutional investors, broadening the platform’s global limited partner base while demonstrating continued support from long-standing investors.

Anne Valentine Andrews, Global Head of Private Markets at Manulife Investment Management, said investor appetite for established middle-market private credit managers remains robust as institutions seek scaled platforms with proven sourcing capabilities and the ability to deploy capital efficiently.

Manulife | Comvest Credit Partners manages approximately $21.5bn in private credit assets. The platform combines the direct lending capabilities of Comvest Credit Partners with Manulife Investment Management’s broader private markets business, which also includes a $24bn private equity programme.